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On January 1 , 2 0 2 3 , QuickPort Company acquired 9 0 percent of the outstanding voting stock of NetSpeed, Incorporated, for $

On January 1,2023, QuickPort Company acquired 90 percent of the outstanding voting stock of NetSpeed, Incorporated, for $1,107,000 in cash and stock options. At the acquisition date, NetSpeed had common stock of $1,150,000 and Retalned Earnings of $57,500. The acquisition-date fair value of the 10 percent noncontrolling interest was $123,000. QulckPort attributed the $22,500 excess of NetSpeed's fair value over book value to a database with a five-year remaining life.
During the next two years, NetSpeed reported the following:
\table[[Items,Net Income,\table[[Dividends],[Declared]]],[2023,$31,500,$4,500
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